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Utilitarian Aggregation of Beliefs and Tastes

  • Itzhak Gilboa

    (Tel Aviv university)

  • Dov Samet

    (Tel Aviv university)

  • David Schmeidler

    (Tel Aviv university)

Several authors have indicated a contradiction between consistent aggregation of subjective beliefs and tastes, and a Pareto condition. We argue that the Pareto condition that implies the contradiction is not compelling. Society should not necessarily endorse a unanimous choice when it is based on contradictory beliefs. Restricting the Pareto condition to choices that only involve identical beliefs allows a utilitarian aggregation: both society's utility function and its probability measure are linear combinations of those of the individuals.

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File URL: http://128.118.178.162/eps/game/papers/0105/0105001.pdf
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Paper provided by EconWPA in its series Game Theory and Information with number 0105001.

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Length: 10 pages
Date of creation: 20 May 2001
Date of revision:
Handle: RePEc:wpa:wuwpga:0105001
Note: Type of Document - ; pages: 10
Contact details of provider: Web page: http://128.118.178.162

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  1. MONGIN, Philippe, 1993. "Consistent Bayesian Aggregation," CORE Discussion Papers 1993019, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. P. Mongin., 1997. "The paradox of the Bayesian experts and state-dependent utility theory," THEMA Working Papers 97-15, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  3. Hylland, Aanund & Zeckhauser, Richard J, 1979. "The Impossibility of Bayesian Group Decision Making with Separate Aggregation of Beliefs and Values," Econometrica, Econometric Society, vol. 47(6), pages 1321-36, November.
  4. De Meyer, B. & Mongin, P., . "A note on affine aggregation," CORE Discussion Papers RP -1136, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. John C. Harsanyi, 1955. "Cardinal Welfare, Individualistic Ethics, and Interpersonal Comparisons of Utility," Journal of Political Economy, University of Chicago Press, vol. 63, pages 309.
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